What are you wanting to accomplish (replace flipping income, cut out the middle man - source your own deals, find something easier)?

I'd be digging in to WHY the owner is cutting his losses rather than finishing the rehab.

It’s going to end up costing a little bit more to replace than if we would have done it initially since they have to cut through some of the siding to get to it.

Just the yard alone cost us $1,000.00 to have the trash removed, grass cut, and shrubs groomed. 

Cut your loses and concentrate on efforts to find a new tenant.

I do FSBO stuff, and I when I list my own stuff I give my company a cut!

Now equities are much more volatile in terms of business prospects and perception but even in real estate this strategy would seem to cut off your gains while still giving you the risks of ownership.

Some shady investors tend to do that to cut down on costs, and most get away with it.  

Be prepared to do a lot of title work so find a title company that is willing to cut there cost a bit for the volume.Good luck.

Then whatever remains, figure if you can live off that by month and by year....including things like food, utilities, car, clothes, insurance (medical and property)...etc.Note: maintenance - So you cancel the PM and save the 10%, but you still need to stuff like cut grass, shrubs, paint, fixtures.Note: Capital - don't forget to budget for that